onlooker wrote:Yes in a way some part of me envies them they could go about their lives oblivious to the calamities awaiting. So they spare themselves the worry. Me I am no longer worried in so much as I have faced squarely my own demise in this lifetime
ennui2 wrote:
We all face our own demise sooner or later. We'd just like to cling to the idea we'll die of old age in our beds after a life well lived and not spending our waning days living a dystopian nightmare.
ROCKMAN wrote:As it has always been. During WWII we intentionally bombed cities (including two nuclear devices) targeting civilians Most agreed it was a terrible thing to do but it was "either them or us". If the "civilized world" could justify those actions I'm sure it can deal with the guilt of causing some coastline loss and nasty weather.
dinopello wrote:
Having said that, I kind of agree that in the end people will shrug and just say oh well, that's the way the cookie crumbles.
It may be impossible for the Federal Reserve to raise interest rates until the rest of the world economy improves, Fed board member Lael Brainard said on Tuesday, in the most direct acknowledgement yet of how weak global markets could handcuff the U.S. central bank.
Brainard, who is hyper-attentive to the impacts of globalization given her prior role as head of international affairs at the U.S. Treasury, sketched out a world in which a strong dollar, weak overseas demand, and even Chinese wage rates were holding back the U.S. recovery and potentially slowing the Fed's progress towards more normal monetary policy.
Big macroeconomic changes happen slowly, sometimes they aren't clearly visible until years later.
We may currently be living through a structural change in the global economy as big as any since World War II without fully realising it.
The world economy may be becoming less integrated, with one of the important drivers of globalisation swinging into reverse.
This week the Dutch Bureau for Economic Policy Analysis released its latest estimates of world trade.
This widely-followed measure showed that world trade grew by 3.3% in 2014, that's up from 2.7% in 2013 and 2.1% in 2012 but still well below the long term average of growth of 5%.
Global trade grew strongly from the late 1970s until 2008 when the global recession caused it to collapse.
It rebounded strongly as the global economy recovered in 2010 and 2011 but since then trade growth has been weak.
Before the crisis world trade generally grew faster than world GDP, so trade as a share of world output rose.
Since the recession, world trade has been sluggish and outpaced by growth. As a share of global GDP, trade has been falling.
In other words, on one important measure the world economy is becoming less integrated, as a share of world output, fewer goods and services are crossing borders.
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